Author: Korir Issa

Kenyan startups continued to dominate African startup funding in 2024, raising US$638 million, despite a 25% decline in overall funding across the continent. According to Africa: The Big Deal report, the decline was largely attributed to a decrease in debt financing. Key Findings Kenyan startups secured 88% of East African funding and 29% of all funding across the continent. “East Africa attracted the most funding for the second year in a row: $725m in total (-18% YoY), i.e. 1 in 3 dollars raised on the continent in 2024. Kenya alone ($638m) made up 88% of the total raised in the…

Kenya Airways (KQ) shares surged 5.74% on their first day of trading following a five-year suspension on the Nairobi Securities Exchange (NSE). Trading volume reached 173,700 shares, with a turnover of KSh 703,842.00. The trading halt was lifted on January 5, 2025, after the government abandoned plans to renationalize the airline. Factors Contributing to the Suspension Lift The government’s decision to withdraw the proposal to bring Kenya Airways under full state control paved the way for the resumption of trading. Kenya Airways achieved a net profit of KSh 513 million in the first half of 2024, a significant milestone after…

Majid Al Futtaim, the exclusive franchisee of Carrefour in Kenya, has opened a new store at Rhapta Promenade Mall in Westlands, Nairobi. This marks the sixth store opening in the past year, reflecting the retailer’s ongoing expansion strategy within the country. The new store is expected to create over 45 direct jobs for Kenyans, bringing the total number of Carrefour employees in the country to over 2,800. In 2024, Carrefour created over 700 new jobs through its expansion efforts. Moreover, the retailer has fostered business growth for more than 690 local farmers, SMEs, and manufacturers by sourcing 99% of its…

The number of Nairobi Securities Exchange (NSE) listed companies issuing profit warnings in 2024 decreased to nine, compared to 15 in 2023 and 11 in 2022. According to Cytonn Investments, the decline suggests an improving economic environment, driven by factors such as the Kenyan shilling’s appreciation and reduced inflation. However, challenges such as high living costs, increased taxes, and global supply chain disruptions due to geopolitical instability continued to impact corporate profitability. Companies that issued profit warnings No 2024 2023 2022 2021 1 Express Kenya Car & General Bamburi Cement PLC Centum Plc 2 Kakuzi Plc Centum Plc Centum Investments…

The Kenyan government has issued a series of directives as schools prepare to reopen for the 2025 academic year on Monday, January 6th. Academic Calendar and Transition to Grade 9 Term One will run for 13 weeks, including a five-day mid-term break. Subsequently, the government has completed 93% of the construction of 16,000 classrooms to accommodate learners transitioning to Grade 9 under the Competency-Based Curriculum (CBC). Temporary measures, such as utilizing alternative spaces and merging streams, will be implemented where construction remains incomplete. Key Policy Announcements Textbook Distribution: Nearly 10 million textbooks have been distributed to schools, with full delivery…

Uganda, along with eight other countries, officially joined BRICS as a partner state on January 1, 2025. The other partner states are: Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, and Uzbekistan. Partner states can engage with BRICS initiatives but lack voting rights or participation in agreement-making. Four more countries have been invited and will be announced by the 2025 BRICS presidency (Brazil). Uganda is the sole African nation among the initial nine partner states. Dear Ugandan friends! I am pleased to announce that on January 1, 2025 the Republic of Uganda officially joined the BRICS family as the partner state.…